TECHNOLOGICAL ADVANCEMENT IN FISHMEAL AND FISH OIL MARKET

Technological advancement in fishmeal and fish oil market.

Market Summary

The Global Fishmeal & Fish Oil Market was valued at USD 8.87 Billion in 2019 and is expected to reach USD 15.8 Billion by 2027 at a CAGR of 8.8%. Fishmeal is an excellent high protein feed component used in almost every intensive aquaculture procedure. Intake of fishmeal is increasingly being concentrated in developing economies like China, continuing as by far the single largest market due to its large consumer base. In fish oil, Europe continues to lead the market along with Latin America.

The primary demand for fish meal and fish oils is due to animal feed in agriculture and aquaculture. The EU is one of the significant consumers of feed fish products. The primary consumers of fish meals within the EU were the aquaculture, the pig industry, and the poultry industry. Fish liver oils offer numerous health benefits to humans and are used in health supplements as well. The oil present in the shark liver is used in cancer and AIDS inhibiting drugs.

Fishmeal is the flour processed out of the fish after milling and drying the fish and its selective body parts, whereas animal oil is that the brown or yellow liquid extracted out by pressing the cooked fish. The fishmeal & fish oil are majorly utilised as an additive within the animal and fish feeds. Both fishmeal and animal oil are employed as high protein ingredients within the feeds given to farmland animals and farmed fishes. Fish oil is majorly utilised in the farm fish feeds with a minor share used in land animal feeds.

Moreover, fishmeal isn’t fed directly (undiluted) to the animals as a feed additive. It has to be added in animal feeds by following typical inclusion rates for fishmeal, which vary among different feeds. The assembly of fishmeal and animal oil utilises different species of fishes. However, oily fish species like anchoveta fish are usually used.

Fish meal is considered an exceptional source of protein for all farmed and aqua cultured animals. It is rich in essential amino acids, particularly lysine, cysteine, methionine, and tryptophan, which are key limiting amino acids for growth and productivity in the notable farmed species. Animal health is improved with fish meal and fish oils in their diet. The inclusion of fish meal & fish oil in animal feed results in improved production efficiencies across all major farmed species. It has the potential for the dietary manipulation of tissue/product composition to produce ‘healthier’ foods for use in the human food chain. The waste products of animals fed fish meal and fish oil contain less nitrogen and phosphorus, reducing the environmental impact of effluent disposal Fish meal is a commercial product obtained from bones of wild-caught small marine fishes. The procedure includes fish trimmings or drying fish and then crushing it.

Major factors driving the growth of the global fishmeal & fish oil market include the growing trend of trading fishmeal & fish oil and increasing demand for quality fish worldwide. Additionally, the ever-increasing demand for aquaculture in export markets impacts the supply of superior fishmeal & fish oil for animal feed. However, global fishmeal production in 2019 declined by 27% compared to 2018, while global fish oil production was 24% less in the key producing countries. Peruvian fishmeal production in 2019 reached 7, 96,384 tons declined by 43.3% compared to 2018. This reduction was mainly accredited to the lower quota of anchovies observed for the first season and early closure of the second season.

Top Companies in the Fishmeal & Fish Oil Market include:

• Austevoll Seafood ASA (Norway),
• Croda International Plc. (U.K.),
• Oceana Group Limited (South Africa),
• FMC Corporation (U.S.),
• Omega Protein Corporation (U.S.)

Segments covered in the report:

• This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the fishmeal & fish oil market trends in each of the sub-segments from 2017 to 2027. For the purpose of this study, Reports and Data have segmented Fishmeal & Fish Oil market on the basis of livestock application, industrial application, source and region:

On the basis of source (Revenue, USD Million; 2017-2027)

• Salmon & trout
•  Crustaceans
•  Marine fish
• Carps
• Tilapias
• Others (eels, crabs, and lobsters)

On the basis of livestock application (Revenue, USD Million; 2017-2027)

• Aquatic animals
• Poultry
• Swine
• Cattle
• Pets
• Others (equine and other marine species)

On the basis of industrial application (Revenue, USD Million; 2017-2027)

• Aquaculture
•  Pharmaceuticals
•  Fertilisers

Expert Insights:

Reports and Data forecast promising developments for increased adoption of the product. According to industry experts, the use of fishmeal & fish oil in the industry is garnering significant traction in the fishmeal & fish oil market. New companies entering the industry would emphasise designing and developing innovative products, thereby catering to the increasing requirement of end-users.

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